For IMMEDIATE support, call 877.GROW.SAFE (877.476.9723)             

 social security benefits to increase 2018

Good news! Next year, Social Security beneficiaries will get their biggest raise since 2012. The Social Security Administration reports that monthly benefits will receive a 2% Cost-of-Living Adjustment (COLA) in 2018.

For the average retiree, the increase amounts to around $27 extra a month. For the year, it adds up to an extra $324 in benefit payments. Social Security beneficiaries will see increased payments in January 2018, while increased payments for SSI beneficiaries will begin on December 29, 2017.

While this is welcome news, another development may offset the increased benefits for retirees. Many retirees actually may see little or no increase in payments. Most beneficiaries have Medicare Part B premiums taken from their Social Security. For those who have benefited from the “hold harmless” provision of Medicare law in recent years, Medicare may eat into some or all of the raise.

Let’s get more into the details of this now.

 guide to taxes on social security retirement benefits

When calculating individual benefits, the Social Security Administration draws on up to 35 years of personal earnings history. To receive Social Security benefits in the first place, you have to work at least 10 years. Therefore, it’s not that surprising that many people see their benefits as something they have earned.

Yet each year, Uncle Sam collects a share of people’s benefits through income taxes. You may have to pay taxes on as much as 50%-85% of your benefits, depending on how much income you report to the IRS.

how debt is crippling retirement goals

According to MagnifyMoney, people are carrying more than goal checklists into retirement. A recent analysis by them looked at data from the University of Michigan Retirement Research Center (MRRC) Health and Retirement Study. Their results found that more Americans are shouldering debt in their 50s and over.

It’s a serious finding, given that Americans have named mortgages and other debts among their top five money concerns. In the study, MRRC researchers survey over 20,000 Americans aged 50+ on many topics of financial well-being. This publication showed survey results from 2014.

MagnifyMoney found a number of debt trends that could undermine, or even cripple, the retirement goals of numerous Americans. Let’s look at how debt is affecting older Americans and their post-work lives.

safe money investments

As far as financial security goes, when thinking of retirement, it’s important to consider the safety of your financial portfolio.

Do you have reliable income streams in place for retirement, whether for a set period or life? Is there enough liquidity in your assets to allow you to retire comfortably? Is enough of your money safe and put in secure, dependable places? Do you have an appropriate financial strategy for combating the the impact of inflation, high-ticket expenses like long-term care, and other costly retirement risks?

All of this brings us to a discussion on building a dependable safety net and how to make sure that you can answer these questions with confidence.

Proud Member

assessbest logo footer

AAPA LogoLIFE HAPPENSSOFA Logo1

Newsletter Signup

Contact Info

Safe Money Broadcasting Home no glow img

Safe Money Broadcasting LLC.
1107 Key Plaza #450
Key West FL, 33040-4077
1.877.476.9723
(877.GROW.SAFE)
info@safemoney.com

;